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SKG [NR] – Ride on Phu Quoc Island’s tourism boom - Retail SCR

SKG looks to surpass FY15 guidance by 15-20%, implying EPS growth of 37-43% vs FY14, translating to corresponding FY15 PER of 10.1x-9.7x. With the booming tourism in Phu Quoc Island and all the business activities that come with it (requiring worker, cargo, and vehicle transportation), we believe SKG can reach 15-20% EPS growth per annum in the next few years. Number of travellers to Phu Quoc surged by 72% in 2014 vs 2013 and 79% in 1H15 vs 1H14.